Autumn Budget 2018
The Chancellor, Philip Hammond, delivered his third Budget on Monday 29 October, earlier in the year than expected and earlier in the week. This was the first time the Budget has been delivered on a Monday since 1962; seemingly he wanted to avoid delivering any horrors on Halloween.
The focus was a budget for hard-working families which was a phrase repeated throughout. The Chancellor was proud to announce that 3.3 million more people are in work since 2010 and wage growth is at the highest it has been in nearly a decade. Growth forecasts have also been revised upwards and in his words the ‘era of austerity is finally coming to an end’.
There was much focus on funding for the NHS and mental health; schools are to receive direct bonuses for spending and the pressures faced by our police force were recognised. There will be continued investment in defence, in technologies and infrastructure, with particular funding for pot-holes on our roads.
With Brexit deals looming there was much speculation that little would be announced in this Autumn Budget. It did seem to take Mr Hammond a while to get to the real announcements, however once he announced the huge increase to the Annual Investment Allowance, the revelations just kept on coming with landlords again hit by further tax relief restrictions. As always the content of the speech is the tip of the iceberg with many more announcements being contained in the press releases that follow.
Our experts have dissected all of the information from the chancellor’s announcements and created useful, jargon free summaries so you can understand how the Autumn Budget affects you and your business.